Abstract
This research differentiates itself from previous SEO marketing studies by using the first direct attention measure: the user search frequency index from Google Insight for Search (GIS), a service that tracks on a daily basis the search frequency for every Google search engine user. We find that as an attention proxy, GIS index has significant power in capturing impact around the time of the offering. A one point increase in the pre-issue GIS index change corresponds to a future reduction in the offer price discount by about 3%. In addition, as the only direct measure in SEO research, the GIS index differentiates itself from previous indirect measures by capturing some attention effects that are not captured by previous studies. All effects corresponding to the GIS index change are statistically significant and economically important.
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